Greece is the main reason for this new diving indices. The country has placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt.They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize. They also seek to know whether additional funds will be allocated to the European Financial Stability Fund (EFSF).

In short, "investors are becoming aware of the lack of details in the agreement reached at the EU summit last week," said Michael James of Wedbush Securities cashadvance. "Reports suggest that the plans for the EFSF were not easy to sell to China and Japan," commented on his side Patrick O'Hare of Briefing.com site financial analysis.In addition, "there is a growth problem, a very bad direction of unemployment, inflation at 3%, so no rate cut, and now Germany has a real growth in retail sales by 0.3% so she is not going to save the euro area ", listed his side Evariste Lefeuvre, an economist at Natixis. "Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.

Manufacturing activity in China slows

Traders also expect the G20 to be held in Cannes Thursday 3 and Friday, November 4 for more information on the involvement of other countries in the European rescue plan. In an interview with Le Figaro, the South Korean President Lee Myung-bak has already ensured that his country will support the rescue of the euro area, "if necessary".

In this tense atmosphere, the euro lost ground against the greenback.

Until then, Bercy expected a GDP growth of 1.75% in 2012. But since the beginning of summer, the situation has deteriorated considerably. "For the sake of seriousness, we decided to lower our forecast to 1% next year," said Nicolas Sarkozy, who is aligned and the assumption by our German neighbor.And, near the line thickness, on the average forecast of economists (0.9%).

To keep the deficit targets despite this deterioration – and this is the top priority – must be found "6-8000000000" euros in savings or additional tax revenue next year, said Chief of the state.

Nicolas Sarkozy has asked Prime Minister Francois Fillon, with Valérie Pécresse (Budget) and Baroin (Economics), floor of the copy. And this new austerity program will be announced "in ten days," just after the G20 which takes place in Cannes.

What is certain is that "we must spend less on operating and investment to support growth (…).But calling for a tax harmonization with Germany, the president did not rule out the idea of ​​raising the reduced rate (set at 7% across the Rhine at home against 5.5%) or the introduction of an intermediate VAT rate (between 5.5% and 19.6%) for products now subject to a reduced rate (catering, building …)

It announces clearly no "social VAT" – renamed "VAT antidélocalisation" to the UMP – hypothesis was raised in the procession of the tracks in the study. He implicitly endorsed the idea but has returned to the next presidential debate "in a few months."

However, companies should be tapped. Address the tax differential between multinationals and SMEs is a carrier. It is almost assumed that the new austerity plan will include a surcharge of corporate tax targeted at large enterprises.

As for the AEF, the report by Martine Martinel denounces the "unrealistic financial trajectory proposed by the AEF and accepted by a confidence that can be described as blind by the State." Particularly with regard to advertising. "This led the AEF has requested a budget increase in 2011."MP sees this as the main cause of the lack of perspective of the state as the group itself that led the General Inspectorate of Finance to intervene in the summer. However, the member is concerned that "the national representation there is still no access."

It also criticized the management of the CEO, Alain de Pouzilhac, saying "the list of errors of management is already long enough and sufficient breach of trust used to put an end to the appointment of Mr. Alain de Pouzilhac ".

In the process, the MP also questions "the merger of RFI and France 24, it considers reform conducted forced march and which neither the need nor the utility are proven." However, Martine Ravinel advocates rapprochement between France and the 24 public group France Televisions.

France Televisions, however, is not immune to the report of the Socialist MEP.The latter believes that the 2008 reform has been to reduce advertising on France Televisions has a balance sheet "very negative". She asserts that the reform had a "zero impact of the abolition of advertising on the audience." It also is concerned "to a funding threatened and does not guarantee the necessary visibility to the group" as the organization itself of the company. It is particularly cautioned the government against "a lack of reference to employees" within the "single undertaking". Finally, Martine Martinel denounced at once "no channel dedicated to youth" and the need to "modernize France 3".

Explosive, this report could nullify in advance of the Commission's thinking on foreign broadcasting, chaired by MP Michèle Tabarot UMP. Yet its members do not want to change the schedule."Before giving our conclusions, we firstly audition Alain Juppe, foreign minister, who said he wanted to get involved in the matter, but also about the findings of the Inspectorate General of Finance," says Christian Kert , UMP deputy of Bouches du Rhone.

However, the options are continuing to clarify:

-Members of the opposition and the majority still stand on the issue of the merger of France 24 and RFI, as the two solutions would they be supported and at the discretion of the government.

-Governance structures to isolate the CEO of the AEF of different operational functions to avoid a repetition of the pattern Pouzilhac / Ockrent.

-The Commission may recommend synergies in terms of content between France Television and France 24.In this case, France Televisions could be invited to the board of the AEF.

-Finally, the Commission could recommend only the tutelage of the Ministry of Foreign Affairs.

This is the week of Nov. 24 that the Commission could then make its own report.

The Greeks want to leave their countries in crisis, but it is not seen in official statistics."Based on preliminary figures available, we observe no increase in emigration in Greece in 2010," notes Jonathan Chaloff, migration expert at the OECD, based on information provided by the U.S., Australian, Canadian or Swedish. "There is indeed a great desire to emigrate, but the obstacles are real: the language barrier, recognition of qualifications, etc..," Said he.

More border, more control

This is not the only reason why migration flows are difficult to perceive. "Young Greeks are mainly the countries of the European Union," Lois Labrianidis point, Professor of Economics at the University of Thessaloniki."But as there is no boundary or control, you can not count these departures." The researcher is a hint: the Greeks entered in the European Internet portal EURES CV exploded in 2011, reaching 15,500, two times the total recorded since its inception in 1993.

Young people fleeing a country they consider no future. "The dynamics of the labor market is worrying. The unemployment rate reached 16%, up 50% from 2010. And for young people is twice (30%), "notes Manon Domingues Dos Santos, migration specialist at the University Paris-Est Marne-La-Vallée. "In this context, the most qualified are the most mobile: they speak foreign languages ​​and better meet the needs of labor in host countries."

The crisis accelerates a phenomenon of brain drain that affects Greece for at least 10 years.At the edge of recession, in 2007, already 12.2% of the most educated Greeks living abroad, or at least 876,000 people. This figure is just swell: already during this period, more than 4.5% of graduates were leaving Greece every year, according to figures compiled by Frédéric Docquier, a professor at the University of Louvain. This is much less than Portugal (over 12%) but almost twice as Spain, also in crisis countries. In comparison, only 1.31% of French graduates leave the country.

Herding phenomenon

View from the best-trained its elites to broader horizons, such is the fate of small countries like Ireland or Lithuania. "Greece, however, could prove to be a special case, said Frédéric Docquier. It is in near-bankruptcy.They may therefore develops a herd phenomenon: if the elites and the most qualified anticipate the crisis and with rigor, everyone will leave the country when you leave you too. "

Problem: well-trained elites are among the taxpayers most likely to pay high taxes. Leaving their country, they will not settle the affairs of the state. In the longer term, "the departure of more skilled threatens growth by detracting from the production of research and innovation," Manon Domingues Dos Santos is concerned.

Greece, which was over twenty years, between 50 and 70 years, a land of emigration, however, tries to take advantage of its diaspora. The government has proposed this year to Greeks abroad to finance its debt to the tune of 3 billion euros.

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Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October.

According to Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …

Roles reversed

For this new act of the debt crisis, the roles are reversed this time. France has always, until now, prompted Germany to act. But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin paydayloans.Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.

France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.

Pre-aid to Greece

In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.

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After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia.The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

On Thursday, the European Central Bank (ECB) announced on Thursday to maintain its 1.50% interest rate, reference the cost of credit in the euro zone, despite the sharp deterioration in the economic and financial crisis.

Meanwhile official figures of employment for the month of September in the United States to be published Friday, new jobless claims are slightly lift the United States during the last week of September, according to figures released Thursday in Washington by the Department of Labor.The Ministry has identified the deposit of 401,000 applications for unemployment benefits in the country from September 25 to October 1, adjusted for seasonal variations, or 1.5% over the previous week, which is consistent with the estimate of analysts.

On the foreign exchange market, the euro reached 1.3435 dollars (0.65%). On the New York Mercantile Exchange, a barrel of "light sweet crude" for November delivery ended at 82 personal loans for bad credit.59 dollars, up 2.91 dollars compared to the previous day.

Apple has resisted despite the death of Steve Jobs

As for values, investors will have their eyes on the technology sector.

• Apple (-0.23% to 377.37 dollars) will remain particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo (-1.70% to 15.65 dollars) is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had already in 2008 attempted to seize the group's internet America.

• Hewlett-Packard (4.99% to 25.05 dollars) should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman cited by Reuters.

• Boeing (2.54% to 61.48 dollars) has received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences (1.28% to 39.65 dollars) has obtained a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International (2.13% to 28.78 dollars) issued for the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

The new tone decidedly anti-jargon adopted by South Radio when he arrived in Paris on the air is controversial. The High Council of Audiovisual (CSA) has remained the station for anti-Semitic statements in the release of Michel and Eric Mazet Cardoze 16 hours to 18 hours. Eric Mazet was laid off by the radio. Robert Ménard, who hosts the morning show with a phone-called "free-Ménard," is also under fire because the auditors have made racist remarks on his show. How far can we go with freedom of expression? "That's the difficulty. Simply South Radio does not do the same as the others. If today half the French do not trust the media because they feel that journalists are cut off from them. This is a problem of democracy.How to talk about people, their worries, their fears, even if they are poorly made, do not pass in the media, "said he. Should we let freedom provided to foul words? Racist and antisemitic fall under criminal law. "That is why in my show, I immediately put a stop saying we will not see it at home. Eric Mazet made a stupid, clumsy as it did not have the right spread. But that does not mean an anti-Semite. The challenge of Sud Radio, is not to repeat what all the major radio stations, that is to say information among themselves. You know, to combat racism and antisemitism, there is the French method is to prohibit all about. But another method is practiced by other democratic countries like the United States with the First Amendment.It is to say, we will give expression to views reprehensible, and, opposite, there are journalists who disagree with this statement. But I want to meet up to walk to these comments. The problem is that France, when you do this, it is pointed to by all sorts of associations "

After the notice of the CSA, Sud Radio Will it continue these programs free antenna or correct it? "We will continue to freedom of expression and we will enforce the law as I am working every morning easy payday loans. The CSA was entered on August 17 with a complaint about anti-Semitic words classified as Jean-Michel Larqué (on RMC, ed.) I do not feel that the CSA has already studied the issue. But with South Radio, 48 hours, it was folded. There are two weights, two measures. There are three of the band: RMC, Europe 1 and RTL that can be abstracted from the law, and small as Radio South who are beaten up.I think we should change the stupid laws in France that does not solve the problems of racism and antisemitism. For 25 years I say. In France, freedom of the press is corseted by laws unnecessary. "

The model of Robert Ménard is it the Fox News? "In the U.S., radio is a thousand times freer because it does not have this problem of law. In South Radio, we tried to invent something. "

With his arrival in Paris, Sud Radio plays big economically. That's why the station has taken as many risks. But if it increases the skids, the CSA may punish by removing the frequency Paris. Moreover, the allocation of this frequency has been challenged by RMC, Europe 1 and RTL. "It's been 25 years that I defend freedom of expression. I paid professionally. With RTL, this is wrong.I went on Sud Radio because it gave me a freedom that I have anywhere else. If this changes, I will not stay. I think, even if it bothers you, what is done in South Radio is a work of public safety. Finally, we give voice to the people. It serves no purpose to prohibit, we must fight. This is what I do every morning, telling listeners: this is not acceptable but I'll answer. "

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Above all, it will be the first public Angela Merkel, back from vacation, since the revival of the crisis.Angela Merkel and Nicolas Sarkozy "are among the few political figures on which the fate of the euro, the EU and Europeans," says the German newspaper center-left Süddeutsche Zeitung, adding that French President 's 'prepares to live the most important week of his career. "

The markets expect a lot of European leaders. Some analysts point to the inadequacy of the means used to protect the euro area at a time when the first signs of a contagion is observed in Spain and Italy. The European Stability charge to lend to countries in difficulty, and would not have sufficient financial resources to save Italy as if it fell before it, Greece, Ireland and Portugal.

Pooling of liabilities

Investors, but also the European Socialists are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. If this had been established, it would have prevented the current crisis, said Saturday the Italian Finance Minister Giulio Tremonti. Berlin is officially fiercely opposed, saying it would amount to finance the deficits of the least virtuous of the euro area. But the government no longer opposed Eurobond "to preserve the euro area" as a last resort, reports the conservative newspaper Welt am Sonntag quoted a government source payday loan online.

The Franco-German summit is unlikely to provide definitive answers on these two subjects.The German Finance Minister Wolfgang Schäuble has dampened the hopes of the most optimistic in an interview published this weekend in the German magazine Der Spiegel: "We left there: there is no pooling of debt and no help to the infinity. There are support mechanisms, as we continue to develop, under strict conditions. "His French counterpart, Francois Baroin, for his part said he was working on" a convergence between France and Germany "about to a tax on financial transactions.

Most stubborn

The German government is already struggling to push through the reforms agreed at the EU summit on 21 July. In parliament, the majority balks, cooled by a public increasingly distrustful towards the euro. Angela Merkel's allies, the liberal FDP, and require strong counterparties in exchange for their support."With us there will be no blank check for the redemption of bonds of other countries" (a measure of support to countries in difficulty decided July 21) warned Sunday the leader of the FDP Rainer Brüderle. He wants a limit on the debt be written into the constitutions of all countries in the euro area, as is the case in Germany.

A sign of the tensions within the majority of Angela Merkel, President of the Bundestag, the upper house of German parliament, is reluctant to adopt reforms in the euro area in a timely manner by the government. "The subject is so important," he "will surely be impossible to pass it between 20 and 23 September," he said. One more reason to be anxious for the markets.

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The French, who represented 51% of customers last year came less numerous: the slight improvement in the economic environment has led them to more from the spring.In contrast, British and Italian clientele grew, encouraged by policies coming promotions more pronounced than last year.

The good weather has also contributed to the performance of Euro Disney. A pleasant weather naturally encourages visitors to stay longer in the parks. A plus for the restoration, especially at night. It also encourages the regulars in the last minute to finally take their ticket. Knowing that about 50% of French customers of Euro Disney lives in Ile-de-France, it is far from negligible.

"An incidence of 30% attendance"

The bad weather of July and early August this will inevitably impact on revenue of Mickey and, more generally, on most other amusement parks online payday loans. Euro Disney does not give a forecast for the full year.But the last quarter, the summer months, is the largest of the year. At the Compagnie des Alpes, which owns the Parc Asterix and Futuroscope, the last quarter of fiscal year (July-August-September) concentrates 50% of the business of amusement parks. A bad summer does not catch up. "July and August are the two biggest months of the year for the industry, insists Didier Arino, Chief of Staff Protourisme. Bad weather penalizes all parks outdoors, especially water parks Aqualand and as Walibi. Parc Asterix, which has a strong client focus, also suffers. Parks attractions offering coverage, such as Futuroscope, aquariums or Crocodile Farm, do better. "

According to this expert, the great advance made in the spring will allow the largest farms (more than one million visitors) to record another year of growth."But 2011 will not beat attendance records in 2010," he predicts, ensuring that "the weather has an incidence of 30% attendance at outdoor parks."

Already facing a strong seasonality of revenues, theme parks have so decisive a card to play in protecting itself further to the vagaries of time. But this represents additional investment. "Vulcania, for example, has developed a open air that did not exist at the start," said Didier Arino.

Capgemini was the goal of improving its profitability.It keeps its promises in the first half, with operating margin, which stood at 6.1% against 5.8% during the same period last year. This adjustment margin is most sensitive in the U.S. (+8.2%). In France, which remains the largest market group, it has risen to 7.6%. Capgemini says that his income from work the fastest growing in Brazil and Italy. But on these very dynamic markets, the margin of the group is only 5.9% down year on year. This lower cost weighs on the performance of the Managed Services, also down slightly from the first half of 2010.

Margins were up, however, in system integration, and especially for Sogeti (9.9%). They also rose a bit in the activity "consulting", which shows a return of 11.8%. This activity is the only display a decline in sales in the first half (-1.6%).Capgemini says that-performance against the concentration of its consulting business "in areas most vulnerable to spending cuts in the public sector," citing in particular the United Kingdom and Benelux.

Annual targets maintained

The group intends to show at the end of the year growth in sales of 9% to 10%, of which "at least 5%" to constant data. It therefore maintains its annual guidance, despite "the macroeconomic uncertainties that still exist today in most countries and despite a negative currency that will probably be as bad as it has been for the past six months."

The figures, as estimates of the group, is already widely anticipated by investors. Without a good surprise, they are a little disappointed this morning.Around 11 am, at the Paris Bourse, the title appears Capgemini and down by 7.57% in a market that yields 0.75%.

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